Secured Debt

The general goal of bankruptcy is to eliminate debt and provide a "fresh start" to those who have become overwhelmed by financial obligations. Many people erroneously believe that filing for bankruptcy means you lose everything but that would defeat the purpose of bankruptcy. Without a home, vehicle, or household goods and clothing it would be almost impossible to rebuild your life.

In these difficult times, with thousands of people losing their jobs every month, it can be hard to keep up with all the expenses, especially when the bills keep coming. Falling behind on payments for a vehicle happens to the best of us. Sometimes life deals you adversity like an unexpected medical bill, a work related layoff or some other situation that no one plans for in the budget. You don’t have the money for it, but if you put off the car payment, you can get the bill paid, and hopefully can catch up on the car payment next month.